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The future of Premier Foods boss Gavin Darby is looking increasingly uncertain this weekend after two of the company’s biggest shareholders backed an aggressive campaign to oust him.

Wall Street hedge fund Paulson, which owns a 6.2pc stake, said he had failed to deliver on a promise to create shareholder value after knocking back a takeover bid from US spice maker McCormick in 2016 and selling a large stake to Japan’s Nissin instead.

“Unfortunately, the board rejected an offer from McCormick at 65p claiming Gavin could create more shareholder value. Today, the stock languishes at 40p while the management and the board keep their comfortable jobs,” Orkun Kilic, a portfolio manager at Paulson,...